Wall Street Journal
June 2, 2011
European Central Bank President Jean-Claude Trichet on Thursday called for much tougher fiscal intervention within the euro zone and suggested the creation of a euro-zone finance ministry.
At a ceremony to receive the Charlemagne prize for European unity, Mr. Trichet proposed a raft of possible radical changes to improve the euro zone as a currency bloc as a number of its member states struggle with debt crises.
He said that if a bailed-out country isn't delivering on its fiscal-adjustment program, then a "second stage" could be required, which could possibly involve "giving euro-area authorities a much deeper and authoritative say in the formation of the county's economic policies if these go harmfully astray."
He suggested that euro-zone authorities could have "the right to veto some national economic-policy decisions" under such a regime. In particular, a veto could apply for "major fiscal spending items and elements essential for the country's competitiveness."
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